Evaluating Your Business Idea FAQ

What are the benefits of starting my own business?

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What are the benefits of starting my own business?

Starting a business can be scary. But great rewards await entrepreneurs lucky enough to create successful small businesses -- benefits you may miss out on if you remain a wage earner for the rest of your life. Although only you can decide if you're ready to quit your job and plunge into running your own business, here are some of the rewards of going out on your own:

  • Independence and flexibility. You'll have more freedom and independence working for yourself. And once your business is firmly established, you'll probably have the flexibility to make sure you don't miss the moments and events that matter most to you in life.
  • Personal fulfillment. Owning and running your own business can be more satisfying and fulfilling than working for someone else. Many successful small business owners find they enjoy the respect they earn from their peers for having the courage to go out on their own.
  • Power. Don't be surprised if power is one of your goals. When it's your business, you can have your employees do it your way. If power is important to you, think about how to use it in a constructive way.
  • Money. The risks of forgoing a steady paycheck can pay off when you own your own business. You can get rich in a small business, or at least do very well financially. Although most entrepreneurs don't get wealthy, some do. (For more information on calculating the financial viability of your idea, see Will My Business Make Money?)

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